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UK shares slide as central bank moves fail to quell virus fears

Published 16/03/2020, 09:22
© Reuters.
UK100
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BARC
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LLOY
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EZJ
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NWG
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TUI1n
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ICAG
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 down 5.3%, FTSE 250 down 6.8%

March 16 (Reuters) - UK shares mirrored steep declines in
global stock markets on Monday, as coordinated stimulus actions
by central banks across the world failed to calm panic-stricken
investors who feared deeper economic damage from the coronavirus
pandemic.
London's blue-chip FTSE 100 index .FTSE dropped 5.3% to
its lowest since October 2011, adding to a 17% drop last week.
Airline stocks took the biggest hit as Britain's government
looked set to discuss how to help the sector after major
airlines including Virgin Atlantic and easyJet EZJ.L said the
state would need to step in to prevent a collapse. ICAG ICAG.L , the owner of British Airways, slid 20% after
saying it would cut its flying capacity by at least 75% in April
and May. Share of EasyJet and TUI AG TUIT.L slumped 21% and
24%, respectively. In a bid to improve liquidity and ease strains in global
funding markets, the U.S Federal Reserve slashed its interest
rates to near zero on Sunday, while its peers in New Zealand,
Australia and Japan unveiled their own measures.
Shares in major lenders including Barclays BARC.L , Royal
Bank of Scotland RBS.L and LLoyds Banking Group LLOY.L fell
between 4.6% and 9%.
The moves, however, gave little impetus for investors as
things worsened over the weekend, with holiday destinations such
as Spain declaring a state of emergency and the Trump
administration adding Britain and Ireland to its list of
countries facing travel curbs.

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